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Some ex-cons spend the rest of their lives either free, on trial, in jail, or on probation. At the start of each year statistics show that there is 50% chance that a free ex-con will commit a new crime and go on trial. The judge may send the ex-con to jail with the probability .6 or grant probation with a probability of A. Once in jail, 10% of commit new crimes and are arraigned for new trials, 50% will go back to finish their sentence for violating probation orders, and 10% will be set free for lack of evidence. Taxpayers underwrite the cost associated with the punishment of the ex-felons. It is estimated that a trial will cost about $5000, an average jail sentence will cost $20,000 and an average probation will cost $2000.
a. Determine the expected cost per ex-con.
b. How often does an ex-con return to jail? Go on trial? Be set free.
Consider an economy that has two banks with the following information: East Bank: $1600 cash $15,000 DD $2200 Deposit in the Fed $1300 US government bonds West Bank: Calculate: The desired excess reserves ratio (for the whole economy), Cash held by ..
Red Ball Production's taxable income in 2005 was $500,000. Illustrate what amount of state income tax did Red Ball Productions owe.
Suppose that in a particular month roughly 8 million people in the United States were seeking jobs but had not found them. Suppose that 2 million of these people give up their searches in the following month and stopped looking for work. What will ha..
Firm A finds it very expensive to reduce its sulfur dioxide emissions, while Firm B finds it very cheap to reduce its sulfur dioxide emissions. If a program of tradable pollution permits was enacted, we would most likely see
The real value of money _____ as the price level falls
The gaming commission is introducing a new lottery game called Infinite Progress. The winner of the Infinite Progresso jackpot will receive $1000, at the end of January, $2000 at the end of February, $3000 at the end of March and so on up to $12,000 ..
If an economy were experienceing a high rate of unemployment as the result of weak aggregate demand, The time period between when economic conditions change and when policy makers are aware of the change is called the
What are the characteristics of perfect competition? Why does this type of fast-food restaurant tend to display characteristics of perfect competition? Imagine you are running a firm with the characteristics of a perfectly competitive firm. Describe ..
1. price discriminationa. indicate the types of price discrimination for the cases below. based on the above examples
A state owned company is providing electricity at the price of $0.105 and faces the demand for electricity P=1.255-0.001Q. The company has a cost function C(Q)=100.625+0.105Q. Commonwealth of Pennsylvania sells the firm, and now the firm’s only goal ..
If you produce plastic spoons and one of the products (like petroleum) required to produce those spoons decreases in price, does the market demand for plastic spoons change? Does market demand for competitors with similar items but made from differen..
Another alternative donation scenario is to deposit $25,000 now in a savings account with a guaranteed rate of return of 5% per year compounded monthly. Each month your company will withdraw $1000 from this account and donate it to Children's Hosp..
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